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US announces plan to renegotiate trade deal with South Korea

The United States is seeking to renegotiate its trade deal with South Korea, Washington said Wednesday, in hopes, it said, of removing what Washington says are barriers to trade.

PHOTO: BLOOMBERG

[WASHINGTON] The United States is seeking to renegotiate its trade deal with South Korea, Washington said Wednesday, in hopes, it said, of removing what Washington says are barriers to trade.

United States Trade Representative Robert Lighthizer said in a statement that he was instructed by President Donald Trump to call a special Joint Committee meeting under the US-Korea Free Trade Agreement (KORUS).

"The USTR acted in accord with the president's intention of reducing the trade deficit and giving Americans a better chance to succeed in global markets," the statement read.

The goal of negotiating the accord, Mr Lighthizer said, is to reduce America's trade deficit and improved its competitiveness in global markets.